Facebook is planning to launch its own cryptocurrency in 2020.
Facebook is planning to launch its own cryptocurrency in 2020.(Photo: istockphoto altered by The Quint)
  • 1. What is Facebook's Cryptocurrency?
  • 2. How Will Facebook's Libra Work?
  • 3. How Is It Different From Other Cryptocurrencies?
  • 4. Can Users Trust Facebook's Currency?
  • 5. Can Facebook Pull This Off?
Is Facebook’s New Cryptocurrency Another Bitcoin in the Making?

Now that Facebook has gotten hold of your data, it’s after your money!

Not that any third-party entity will try to steal that as well, but Facebook has declared that it’s ready to jump into the cryptocurrency (CC) business to offer its users an option to use digital currency on its platform.

The social media giant has launched its own CC and it will be called Libra.

But why the sudden fondness for digital currency and why should Facebook users be interested in such a proposition? Let’s ‘mine’ for some answers.

  • 1. What is Facebook's Cryptocurrency?

    Any form of currency that relies on blockchain technology is considered cryptocurrency. Since a large user-base and network are essential components of a CC ecosystem, Facebook starting something like this actually makes sense.

    Also Read : What Is Bitcoin & Why Has the Court Banned Its Trading in India?

    The social network giant has been hush-hush about its cryptocurrency plans. It started working on it about a year ago convincing the likes of MasterCard, Visa and PayPal to provide a stable support system for this venture.

    Though Facebook has just made the official announcement of its CC plans, it expects to launch it only next year.

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